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Government Announces Measures to Cut Red Tape and Costs for UK Businesses
The Government has announced a package of measures aimed at reducing red tape and cutting costs for UK businesses, with firms expected to save almost £800 million a year through reduced administrative requirements and extended tariff suspensions.
Businesses across the UK are set to benefit from a new package of Government measures designed to reduce administrative burdens, simplify reporting requirements and lower the costs associated with doing business.
The measures are expected to save businesses almost £800 million each year in administrative and tariff costs, with a focus on reducing unnecessary paperwork and duplication and giving businesses more time to concentrate on their day-to-day operations and growth.
A key part of the package is a commitment to make compliance guidance clearer and simpler, particularly for small businesses. The Government is also looking to simplify UK corporate reporting requirements, with changes expected to save businesses operating as part of wider national groups up to £20,000 per year.
Further measures include streamlining company reporting requirements, reducing the number of data requests businesses receive through Office for National Statistics surveys and making it easier for smaller firms to find relevant support and guidance through GOV.UK.
The Government is also progressing its "Tell Us Once" ambition, aimed at reducing instances where businesses are required to provide the same information to different parts of Government. Plans also include making it simpler for smaller businesses to bid for public sector contracts by standardising requirements in certain sectors.
Alongside the changes to administration and reporting, the Government has announced an extension to existing import tariff suspensions on more than 250 products used by UK businesses. The suspensions, which were due to expire at the end of December, will be extended until December 2028.
The Government estimates that the tariff extensions could save businesses up to £155 million each year, helping to maintain lower import costs across sectors including chemicals, plastics, hydrogen, automotive, food and drink.
Overall, the latest measures form part of the Government's wider target to reduce the administrative burden of regulation on businesses by 25% by the end of Parliament.
For businesses across the sectors represented by BATF, the practical impact will depend on how the individual measures are implemented. However, the focus on reducing duplication, simplifying reporting and maintaining lower tariffs on certain imported products could be particularly relevant to businesses facing ongoing administrative and cost pressures.
Further detail on the individual administrative saving measures is expected to be published on 28 October, and the announcement also comes ahead of the Budget, when further measures affecting UK businesses and the wider economy are expected.
BATF will continue to monitor developments and provide updates on measures relevant to its members and the industries it represents.
Read the full article on gov.uk